WS #10627

The dominant signal in this window is Micron Technology's (MU) massive earnings beat and guidance raise, corroborated across CNBC, Seeking Alpha, Alpaca News, and multiple social media sources. MU reported Q3 revenue of $41.46B (beat by ~$5.9B), adjusted EPS of $25.11 (beat by ~$4.51), and guided Q4 revenue of $49B-$51B (vs. est. $42.9B) and Q4 adjusted EPS of $30-$32 (vs. est. $25.50). The company also disclosed over $1B in HBM4 revenue and strategic customer agreements expected to bring $22B in cash deposits. This is a high-significance positive for MU and the semiconductor sector, with potential spillover to NVDA, AMD, and AI-related names. The stock rose ~9% after hours. Separately, multiple sources report that big banks passed the Fed stress test, with JPMorgan raising its quarterly dividend from $1.50 to $1.65 per share. This is a positive for the financial sector (JPM, BAC, C, GS). On the regulatory front, a top House Democrat called for a national moratorium on AI data centers, and the Pennsylvania House voted to codify strict standards for data center developers—this adds headwinds for the AI infrastructure theme and could weigh on data center REITs and related plays. Qualcomm's Dragonfly CPU announcement with Meta as first customer is a competitive threat to Intel and AMD in data center CPUs. The oil narrative remains de-escalated with Strait of Hormuz traffic normal, but Russia's Duma approved emergency tax code changes to boost gasoline supply, and China's crude imports plunged to lowest since 2018, adding bearish pressure on oil prices (WTI -4.5%, Brent -5.2% in the window).